Atmasphere,
That is a very interesting, and plausible, explanation. Ringing does make sharp, short impulses, such as a record surface blemish, seem much louder.
When I want to play music loudly late at night I use a pair of Stax Omega II electrostatic phones. Given the very nature of phone listening, particularly the very detailed and bright sound of these phones, one would think that clicks and pops would be emphasized, as compared to speaker listening. The opposite is the case. These phones are extremely free of resonant overhang (low mass drivers and low mass enclosures mean little energy storage), so clicks and pops go by so quickly and cleanly that they are much LESS signficant with the headphones.